Canada : Government Announces Extension of Rent Relief Program for Small Businesses

The Government of Canada is taking strong, immediate and effective action to protect Canadians and businesses from the impacts of the global pandemic through its COVID-19 Economic Response Plan.

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TendersInfo News Articles — Jul 3, 2020 at 12:00 AM

The Government of Canada is taking strong, immediate and effective action to protect Canadians and businesses from the impacts of the global pandemic through its COVID-19 Economic Response Plan. The Plan helps ensure that Canadians can pay for essentials like mortgages, rent and groceries, and to help businesses continue to pay their employees and their bills during this time of uncertainty.

Today, Finance Minister Bill Morneau announced that the Canada Emergency Commercial Rent Assistance (CECRA) will be extended by one month to cover eligible small business rents for July.

In addition, to simplify the application process for all applicants, the government is removing the requirement to claw-back insurance proceeds and provincial rent supports from the CECRA forgivable loan amount for both existing and new applicants. Existing applicants who are affected will be notified and will have any previously clawed-back amounts restored to their forgivable loan.

The government has agreed with all provinces and territories to implement the one month extension. This will provide important relief for small businesses that continue to experience financial hardship, and also allow property owners to maintain rental income and keep tenants in their commercial properties as the economy gradually restarts. Applications will continue to be processed through the Canada Mortgage and Housing Corporation website (CMHC).

The government will continue to help ensure Canadians have what they need to pay their bills and keep their families safe and healthy during these challenging times.

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The government continues to monitor the effects of the pandemic on the economy and how the historic support we have provided through the COVID-19 Economic Recovery Plan is working. We are boosting our support for small businesses and property owners by extending the rent relief provided through CECRA by an additional month to ensure that they are poised to rebound in the post-pandemic recovery.

- Bill Morneau, Minister of Finance

By simplifying the CECRA application process and extending the period until the end of July, were improving another vital COVID-19 relief program to reflect the realities that small businesses are facing during this difficult time. This support will be there for them as many businesses and shops begin to restart and reopen safely in our communities in the weeks to come. Our government will continue to support Canadian small business owners and entrepreneurs every step of the way.

- Mary Ng, Minister of Small Business, Export Promotion and International Trade

This article was written by Tenders Info from TendersInfo News Articles and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com

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